Maharashtra HSC Economics Board Paper July 2025 with Answers

Q.1 (A) (i) Choose the correct option : Methods adopted in microeconomic analysis :

(a) Lumping method
(b) Aggregative method
(c) Slicing method
(d) Inclusive method

Options :

Q.1 (A) (ii) Choose the correct option : Under perfect competition, sellers are :

(a) Price makers
(b) Price takers
(c) Price discriminators
(d) None of these

Options :

Q.1 (A) (iii) Choose the correct option : Statements that are correct in relation to Index Numbers :

(a) Index numbers are a geographical tool.
(b) Index numbers measure changes in the air pressure.
(c) Index numbers measure relative changes in an economic variable.
(d) Index numbers are specialized average.

Options :

Q.1 (A) (iv) Choose the correct option : Obligatory functions of the government :

(a) Protection from external attacks
(b) Maintaining internal law and order
(c) Welfare measures
(d) Exporting goods and services

Options :

Q.1 (A) (v) Choose the correct option : Types of foreign trade are as follows :

(a) Import trade
(b) Export trade
(c) Entrepot trade
(d) Internal trade

Options :

Q.1 (B) (i) Give economic term : A desire which is backed by willingness to purchase and ability to pay.

Q.1 (B) (ii) Give economic term : The net addition made to total cost by producing one more unit of output.

Q.1 (B) (iii) Give economic term : The type of market where there are few sellers.

Q.1 (B) (iv) Give economic term : The gross market value of all final goods and services produced within the domestic territory of a country during a period of one year.

Q.1 (B) (v) Give economic term : Buying and selling of goods and services within the boundaries of a nation.

Q.1 (C) (i) Complete the following statement : Micro economics is also known as ______.

Q.1 (C) (ii) Complete the following statement : When total utility is maximum then marginal utility is ______.

Q.1 (C) (iii) Complete the following statement : Demand curve is parallel to 'X' axis in case of ______.

Q.1 (C) (iv) Complete the following statement : In India, National Income is estimated by Central Statistical Organization (CSO) using ______.

Q.1 (C) (v) Complete the following statement : A market for lending and borrowing of short term funds is known as _____.

Q.1 (D) (i) Find the odd word : Types of utility : Form utility, Place utility, Marginal utility, Service utility

Q.1 (D) (ii) Find the odd word : Determinants of demand : Price, Income, Prices of substitute goods, Giffen's paradox

Q.1 (D) (iii) Find the odd word : Methods of measuring price elasticity of demand : Income method, Percentage method, Total Expenditure method, Point method / Geometric method.

Q.1 (D) (iv) Find the odd word : Exceptions to the law of supply : Supply of labour, Agricultural goods, Prestige goods, Perishable goods.

Q.1 (D) (v) Find the odd word : Non-Tax Revenue Sources : Fees, Custom duty, Special Assessment, Fines and penalties

Q.2 (A) (i) Identify and explain the concept : Raju collected the information about total consumption, total savings and total investment of Indian economy.

Q.2 (A) (ii) Identify and explain the concept : Rise in price by 20% of a commodity 'X' leads to fall in the demand of the same commodity 'X' by 20%.

Q.2 (A) (iii) Identify and explain the concept : Swara receives monthly pension of ₹ 8,000 from the State Government of Maharashtra.

Q.2 (A) (iv) Identify and explain the concept : Tushar deposited a lumpsum amount of ₹ 1,00,000 in the bank for a period of three years.

Q.2 (A) (v) Identify and explain the concept : Sharad was able to supply less paper to market due to technical problems in paper making factory although the price of paper remained constant.

Q.2 (B) (i) Distinguish between : Slicing method and Lumping method

Q.2 (B) (ii) Distinguish between : Expansion of demand and Increase in demand

Q.2 (B) (iii) Distinguish between : Stock and Supply

Q.2 (B) (iv) Distinguish between : Simple Index Number and Weighted Index Number

Q.2 (B) (v) Distinguish between : Public Finance and Private Finance

Q.3 (i) Explain any four features of Micro Economics.

Q.3 (ii) Explain any four features of perfect competition.

Q.3 (iii) Explain any four functions of Reserve Bank of India.

Q.3 (iv) Explain the two sector model of the circular flow of National Income.

Q.3 (v) Explain the types of Index Number.

Q.4 (i) State with reason whether you agree or disagree : There are no real exceptions to the law of Diminishing Marginal Utility.

Q.4 (ii) State with reason whether you agree or disagree : There are many features of monopolistic competition.

Q.4 (iii) State with reason whether you agree or disagree : There are no limitations of Index Number.

Q.4 (iv) State with reason whether you agree or disagree : Money market plays important role in India.

Q.4 (v) State with reason whether you agree or disagree : There is no difference between the concepts of Balance of Trade and Balance of Payment.

Q.5 (i) Observe the given table and answer the questions :

Questions :
(a) Complete the above table. (2)
(b) When total utility increases at a diminishing rate then marginal utility goes on ______. (1)
(c) After consuming six units of the commodity, MU becomes ______. (1)

Q.5 (ii) Observe the following diagrams and answer the questions given below :

[DIAGRAM A: Price on the Y-axis and quantity supplied in kgs on the X-axis. The original supply curve SS passes through point E at price OP and quantity OQ. A dotted supply curve S₁S₁ lies to the right of SS; at the same price OP it passes through point E₁, with quantity OQ₁, greater than OQ. An arrow points from E to E₁.]

[DIAGRAM B: Price on the Y-axis and quantity supplied in kgs on the X-axis. The original supply curve SS passes through point E at price OP and quantity OQ. A dotted supply curve S₂S₂ lies to the left of SS; at the same price OP it passes through point E₂, with quantity OQ₂, less than OQ. An arrow points from E to E₂.]

Questions :
(1) Diagram 'A' represents _______ in supply. (1)
(2) Diagram 'B' represents _______ in supply. (1)
(3) In diagram 'A', the supply curve shifts _______ side of the original supply curve. (1)
(4) In diagram 'B', the supply curve shifts _______ side of the original supply curve. (1)

Q.5 (iii) Read the given passage and answer the questions :

The Government of India and various agencies continuously monitor and calculate the National Income using different methods such as output, income and expenditure methods, etc. These methods help in providing a comprehensive picture of India’s economic performance.

From 2001 to 2021, India’s GDP grew at an average annual rate of around 6 to 7%. The country saw a significant shift from primarily agriculture-based to a more diverse economy with services and industrial sectors playing a more prominent role in GDP composition. However it is important to note that there were fluctuations and challenges along the way, including the global financial crisis in 2008 and the COVID-19 pandemic in 2020 which temporarily disrupted growth trends.

In recent years, India has aimed for sustainable economic development, focusing on information technology. The initiatives such as “Make in India” and “Digital India” have been launched to boost economic activities and create employment opportunities which in turn impact the National Income positively.

Questions :
(1) What is the average annual growth rate of India for the period from 2001 to 2021? (1)
(2) Which factors disrupted the growth trends of India’s National Income? (1)
(3) Express your opinion about the given passage. (2)

Q.6 (i) State and explain the law of demand with its assumptions.

Q.6 (ii) Explain the factors influencing the elasticity of demand.

Q.6 (iii) Explain the reasons for the growth in public expenditure in India.